The developers of the metaverse-themed cryptocurrency project Starlink (STARL) have announced the cessation of its official development. The project experienced an abrupt halt in progress as the entire team, barring the founders, departed.
An open letter to the STARL community from the remaining team members elucidated the reasons behind this decision, highlighting chiefly funding difficulties and problems with the initial tokenomics of the project.
The letter detailed how, due to a lack of sufficient funds, the team had been operating with volunteer members for the past year, creating an unstable foundation for developing the ambitious gaming and metaverse experience they had envisioned.
Furthermore, it was revealed that mismanagement of funds by the founders severely restricted the remaining team’s resources, impeding their ability to continue the project’s development and growth efforts.
The official biography for the Starlink (STARL) project now reflects its current status, indicating the project is no longer being actively developed. This update follows an open letter to the STARL community, which outlined the critical challenges the project faced, particularly in terms of funding and the foundational issues with STARL’s tokenomics. These challenges were exacerbated by a lack of essential mechanisms such as taxes, team allocations, and treasury management, contributing to the financial difficulties of the project.
In light of these obstacles, the team has decided to embark on a significant rebranding initiative, including establishing a new game studio. This strategic pivot is driven by recommendations from potential investors and partners, suggesting a rebranding to distance the project from previous associations, establishing a clear primary objective, revisiting tokenomics for sustainability, and cutting ties with former founders and developers embroiled in legal issues.
While the future direction of STARL is still being determined, the team has committed to keeping the community informed with updates in the near future.
As of the last update, STARL is traded on centralized exchanges such as OKX, Gate.io, and MEXC, boasting a market capitalization of $49 million.
*This information is not intended as investment advice.
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